Dick’s Sporting Goods showed modest growth in the latest fiscal quarter — but amid signs that the pandemic boom is tapering off.
The retailer brought in $2.8 billion in net sales for the 13 weeks ending April 29, a 5.3% uptick over the same period last year. The company banked $305 million in net income compared to $261 million in Q1 2022.
Foot Locker’s stock dropped 27% on Friday after the company reported an 11.4% drop in sales for the quarter.
The retailer’s total sales for Q1 2023 were $1.92 billion compared to $2.17 billion year-over-year. Net income for the three-month period ending April 29 was $36 million — a sharp drop from the $132 million reported for the period in 2022.
Adidas has finally chosen a course of action for its Yeezy merchandise.
After months of weighing various options regarding its $1.3 billion worth of inventory associated with Ye — formerly known as Kanye West — Adidas has opted to sell the merchandise and donate the proceeds.
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